How to Send Money to Thailand to Buy Property: The FET Form Guide

How to Send Money to Thailand to Buy Property: The FET Form Guide

For foreign buyers, transferring money correctly is not just a banking task—it is a legal requirement for registering property ownership. Get it wrong and you cannot complete the purchase.

Why the Transfer Process Matters

Foreign nationals who purchase condominium units in Thailand must prove at the Land Office that their purchase funds originated from outside Thailand. The document that proves this is the Foreign Exchange Transaction (FET) form, issued by a Thai bank when foreign currency is received and converted to baht.

Without a valid FET form, the Land Department will not register condo ownership in a foreign buyer's name.

Step-by-Step: How to Transfer Correctly

Step 1: Open a Thai Bank Account

You need a Thai bank account to receive the wire transfer. Most foreigners open accounts at:

• Bangkok Bank (expatriate-friendly, international wire handling)
• Kasikorn Bank (KBank) — efficient online banking
• SCB (Siam Commercial Bank) — widely available

To open an account as a foreigner you typically need: passport, visa (non-tourist preferred), proof of address in Thailand, and sometimes a reference letter.

Step 2: Wire in Foreign Currency

Transfer your purchase funds from your home-country bank to your Thai bank account in a foreign currency (USD, EUR, GBP, SGD, AUD, JPY). Do not convert to Thai baht before sending—the conversion must happen at the Thai bank.

Step 3: Ensure the Transfer Reference Includes the Purpose

When initiating the wire, include a reference such as "Purchase of property at [address/project name]" or similar. Some banks require this for FET form issuance.

Step 4: Request the FET Form from Your Thai Bank

When the funds arrive, request an FET form (also called a Thor Tor 3 or Bank Certificate of Foreign Exchange). Banks issue this automatically for amounts over USD 50,000 (or equivalent), but you should request it explicitly for all property purchase transfers regardless of size.

The FET form states:

• The sender's name and country
• The receiving bank and account
• The amount and foreign currency
• The conversion rate and baht equivalent
• The stated purpose of the transfer

Step 5: Keep the Original

The Land Office requires the original FET form. Keep multiple copies but present the original on transfer day. You cannot obtain a replacement if it is lost.

How Much to Transfer?

Transfer the full purchase price plus an allowance for costs in one or a few transfers. Multiple small transfers can complicate the FET form process—each transfer generates a separate FET form, and you may need to present all of them.

For a ฿5,000,000 purchase, transfer at least ฿5,250,000–5,500,000 to cover transfer fees and ensure sufficient baht is available on transfer day.

Common Mistakes

• Transferring in Thai baht (no FET form will be issued)
• Sending money through a third party's account (the name on the FET must match the buyer's name)
• Using cryptocurrency conversion services that issue baht (generally not accepted for FET purposes)
• Losing or misplacing the original FET form before transfer day

For Large Transfers: Tax Reporting

Thailand does not currently tax foreign-source income remitted to Thailand (under the 2024 offshore income rule). However, you should retain documentation of the source of funds (bank statements, proof of sale of overseas assets) in case of any future query.

Key Takeaway

Transfer in foreign currency from your own bank account to your Thai bank account. Request the FET form immediately on receipt. Present the original on transfer day. These three steps protect your legal right to register condo ownership in Thailand.